CHESAPEAKE, Va., April 4, 2011 /PRNewswire/ -- Monarch Financial Holdings, Inc. (Nasdaq: MNRK), parent of Monarch Bank, has been included in the 2011 Bank Honor Roll by KBW, Inc., a full-service investment bank that specializes in the financial services sector. Monarch is one of only 40 banks named to the Bank Honor Roll out of nearly 400 banks screened by KBW. Monarch is one of only four Virginia-based banks on the list.
In a news release, KBW said it selected banking companies for "successfully navigating the financial crisis and generating superior ten-year track records." KBW said Honor Roll winners are publicly traded banking companies with at least $500 million in total assets that meet the following three criteria:
- No annual loss reported in net income per share before extraordinary items over the past 10 years.
- 2010 annual reported net income per share before extraordinary items must have been equal to or greater than peak net income per share over the past 10 years.
- Consecutive increases in net income per share before extraordinary items since 2009.
"We are pleased to receive this recognition from KBW for our successful financial performance during both the recent recession and the longer term," said Brad E. Schwartz, Chief Executive Officer. "This accomplishment is the result of the continued dedication and hard work of our employees and Boards of Directors. We thank all of them for their role in the success of the company."
In its news release, KBW said that the 40 banking companies on this year's Bank Honor Roll, on average, outperformed both the banking industry and the overall stock market in terms of stock price performance during the five-year period between 2005 and 2010.
Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with nine banking offices in Chesapeake, Virginia Beach, and Norfolk, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Services are also provided through over fifty ATMs located in the South Hampton Roads area and the Outer Banks of North Carolina, and "Monarch Online" consumer and business internet banking (monarchbank.com). Monarch Mortgage and our affiliated mortgage companies have over twenty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the NASDAQ Capital Market under the symbol "MNRK," and shares of our convertible preferred stock are publicly traded on the NASDAQ Capital Market under the "MNRKP" symbol.
SOURCE Monarch Financial Holdings, Inc.